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Gabelli Accentuates Positive,
Ignores Bottom Line in Report

By

Patrick McGeehan Staff Reporter of The Wall Street Journal

Updated May 25, 1999 12:01 a.m. ET

When Gabelli Asset Management , the mutual-fund company run by famed stock-picker Mario J. Gabelli, announced its first quarterly earnings report as a public company this month, a key line was missing: the bottom line.

Instead of showing the company's actual results as required in filings with the U.S. Securities and Exchange Commission, Gabelli reported its results for the three months that ended March 31 based on a complicated set...